Haldirams to sell 10% stake to Temasek in deal valuing firm at $10 bn

Haldiram Snacks Food (Haldirams), the Indian multinational snacks and sweets company, has entered into an agreement with Singapore-headquartered global investment firm Temasek to sell an equity stake held by existing shareholders, PwC said in a press release.

 

While the release did not state the exact stake sold, sources earlier told Business Standard that Haldiram has signed an agreement to sell a little under 10 per cent valuing the company at $10 billion.  

 

“This transaction positions Haldirams to continue its ambitious expansion plans both in India and internationally, solidifying its presence in an increasingly competitive market,” the release stated.

 

According to sources, the company will use the funds for expansion, and the promoters may not retain any of the proceeds.

 

Haldirams is also in advanced-stage talks to sell another 5–6 per cent stake for around $500 million.

 

PwC’s investment banking team acted as the exclusive financial advisor to the transaction, while Khaitan & Co served as the legal advisor. The deal is expected to close shortly after receiving the required regulatory approvals.

 

On behalf of the Haldirams group, a spokesperson said in the release: “We are thrilled to welcome Temasek as an investor and partner in Haldirams. We look forward to working with them to harness the value they bring from their experience in the consumer space to accelerate our growth and strengthen our ability to meet evolving consumer demands. We also extend our gratitude to PwC and Khaitan & Co for their dedicated support during this transaction.”

 

Sanjeev Krishan, chairperson, PwC in India, said, “At PwC, we take pride in being catalysts of entrepreneurial success—helping businesses transform into global giants. Our decade-long collaboration with Haldirams exemplifies this commitment.”

 

Krishan added, “Over the years, we have advised them on various aspects of strategic planning and decision making. This transaction is not only the largest private equity consumer deal in India, but also a reflection of domestic businesses that continue to elevate India’s positioning on the global stage. We thank the Haldirams family for trusting us and giving us this opportunity.”